EUR/USD Technical analysis

Source: Dukascopy Bank SA
EUR/USD on the 4-hour timeframe shows a strong bullish breakout, although it is now encountering localized resistance. A bullish golden cross occurred when the 24-period SMA crossed above the 100-period SMA around the 20th of the month, confirming a medium-term shift toward a bullish trend. Both moving averages are sloping upward, and price is trading well above them, signaling strong upside momentum, with the 24-period SMA acting as immediate dynamic support.

From a price-action perspective, the pair recently pushed into the 1.2000–1.2050 resistance zone, peaking near 1.2061 before being sharply rejected, leaving a long upper wick that reflects selling pressure at that level. The market is now hovering around the 1.1950 area, which acts as a short-term pivot.



The RSI is currently around 62.8, which keeps it firmly in bullish territory above 50 but still below the overbought threshold of 70. The indicator has started to ease slightly after peaking, aligning with the current price consolidation and suggesting a pause rather than a trend reversal.
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